12-02-1963 VCM
VILLAGE OF ELK RIVER COUNCIL MEETING
December 2, 1963
The regular meeting of the Elk River Village Council was held at the Village Hall on Dec 2, 1963.
Members Johnson, Briggs, Meyer and Norris. Larson was absent.
The meeting was called to order by Mayor Johnson. The minutes of the last meeting were read and
approved.
E.L. Shadick was present. He asked about getting paid for the expense of extending the village sewer
from the man hole north 65 feet on Jackson street. The cost was $82.50.
A motion was made by Meyer and seconded by Briggs to pay this amount. Carried.
Robert Milne of Robert D. Milne and Associates was present in regard to refunding the village
outstanding bonds.
Trustee Norris presented the attached resolution regarding the bond refunding authorizing the clerk
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and treasurer to sign for the Village of Elk River. 2 by Meyer. Motion carried all voting in favor.
A motion was made by Meyer and seconded by Norris to sign contract with Fullterton Lumber Co.
to place fire siren on the Lumber Co building. Motion carried.
The clerk was asked to write the R.C.P.A. thanking them for their services as dispatcher for the Fire
Department on nights and holidays.
The council appointed Mrs. R.J. Rodick and Robert Clark on the Library Board.
The clerk was asked to write the State Highway Department asking for a sign on Highway 169 and
County Road 12. Elk River Business District.
The following bills were approved and ordered paid:
Hawkins Chemical Co – chloride 165.00
City of Anoka – fire call 105.00
Costello Mfg Co – supplier 9.19
Elk River Utilities – fuel 16.50
Carlson Bros – mdse 3.76
Hardy Salt Co – salt 216.00
Star News – printing 5.60
Ernest Nelson – police 136.50
Rosalie Kemp – extra pay 35.53
Costello Mfg Co – supplies 13.72
F.V. Johanning – hay 36.00
Bank of Elk River – ins 449.11
Tom Febbenkamp – helper 13.50
E.R. Utilities – fuel 20.85
Miller-Davis Co – blanks 1.02
Elkrete Ready Mix – gravel 121.00
Hetrick Standard – gas, oil 35.93
Anthony Burgoyne – hauling 96.00
Farm Bureau – gas, oil, mdse 73.92
Fire Department – fire 48.00
George Moos – police 64.77
Fullterton Lmbr Co – mdse 49.75
Wm. T. Mills – engineer 162.50
Clarence Kramer – janitor 7.50
Bobbie Peterson – helper 11.10
Band Player – playing in band 308.00
E.R. Utilities – Nov 262.37
LeRoy Pike – labor 123.51
Art Barnier – labor 102.57
LeRoy Pike – labor 136.23
Art Barnier – labor 120.03
E.R. Utilities – non-sewer 124.70
N.W. Bell – phone sewer 22.12
N.C. Gas Co – gas sewer 92.06
Fairbanks – grease 19.03
Sanfax Co – chemical 101.10
Elk River Mch Shop – repairs 35.50
Forest Johanning – hay 36.00
American Nat’l Bank – bonds 1222.25
Meeting adjourned.
H.A. Briggs
Village Clerk
FINANCIAL ADVISOR AGREEMENT
~
THIE AGREEMENT, Made and entered into thiS;)
day of ,A~~-J ,
19 1:3 , between Robert D. Milne &:')Associates, whose address is 448 Sexton
Building, Minneapolis 15, Minnesota, hereinafter referred to as the '~inancial
Adviso r" , and
VILLAGE OF ELK RIVER, MINNESOTA
, hereinafter
referred to as the "Municipali ty", WITNESSETH:
WHEREAS, the Financial Advisor furnishes services to municipalities in
connection with the financing of municipal improvements, and
WHEREAS, the Municipality is desirous of availing itself of the services
of the Financial Advisor upon the terms and conditions hereinafter provided,
NOW, THEREFORE, In consideration of the foregoing and of the mutual
covenants herein proVided, it is agreed by and between the parties hereto as
follows:
During the life of this Agreement, the Financial Advisor agrees to furnish
the following services to the Municipality:
1. To advise and consult with you on all financial and business details
of refunding the. presently outstanding SE\.JER IMPROVEMENT GENERAL OBLIGATION
BONDS OF 1960
and MUNICIP AL BUILDING REVENUE BONDS OF 1960
f or the pur-
pose of reduction of interest cost to the Municipality and for re-arranging
the maturities of presently outstanding obligations in relation to resources
available for their payment.
2. ~Ie will prepare a prospectus for the information.of prospective pur-
chasers of the obligations to be offered by the Municipality for the purpose of
refunding the obligations of the Municipality of Elk River, Minnesota above-
mentioned in Paragraph 1, such prospectus to cover:
a. Compilation of fiscal information on the Municipal Government
and operating information on the Municipal Liquor Store to sub-
stantiate the earnings record of this revenue-producing facility.
b. A comprehensive, concise view of the Municipality; its financial
status and practices; and its economic and social background.
c. P~l details and specifications of the obligations to be issued
including authorizing resolutions to provide for issuance of the
obligations.
d. Proposed amortization schedule and means of retirement of the
contemplated obligations.
3. We will assist the Municipality in obtaining a commitment from a
banking institution that it will obtain and hold for the account of the
Municipality, in the event the sale is successful, interest bearing securities
as authorized by the Minnesota Statutes as are necessary to meet the principal
and interest requirements on the 1960 issues to dates of call.
4. It is agreed that you will at your expense obtain the approving
opinion of an attorney whose opinion as to legality will be accepted uncon-
ditionally by prospective bidders. We also recommend employment of local
counsel to assist you in the legal preparation of the issue. We will cooper-
ate in every way with these attorneys.
It should be noted here that Robert D. IVd.1ne & Associates are n21
attorneys -- we are not soliciting legal work for any attorney or firm of
attorneys, and we do not practice law in any way -- we are therefore not in
competition with any lawyers at this time en any ~ssue.
5. We will prepare and distribute to prospective bidders, copies of the
prospectus (as described under Section 2 of this agreement) for the purpose
of obtaining for you maximum competition for your bonds and the best possible
prices for them on the advertised date of sale.
60 We will attend your sale in person to assist you in the evaluation of
bids and award of sale to successful bidders.
7. We will furnish you with the printed bonds (after checking printer's
proof and checking each $1,000 bond after printing) and will supervise their
proper delivery to the purchasers.
8. For services enumerated above, and for all costs incidental to the
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preparation and printing of the prospectus and printing of the appropriate
bonds and coupons, the Financial Advisor is to be paid within thirty (30)
days after completion of the sale and procurement of funds a fee of one per
cent (1.0%) of the principal amount of the bonds sold.
For example, if the amount of the issue is $213,000 (consolidate all
se~er issues), the fee (including preparation of a prospectus, bond printing,
advertising and arrangements for reinvestment of funds and the establishment
of the escro~ account) ~ill be $2,130. The legal fees in connection with
the offering ~ill be paid (to the bond attorney providing the (Opinion on the
bonds) by the Municipality and are not included in the one per cent (1%) fee
of the Financial Advisor.
9. It is understood and agreed that you will reserve the right to reject
any and all bids as offered at public sale. It is also understood that in
the event the sale is unsuccessful, the Municipality ~i1l pay the expenses
incurred in connection ~ith the offering (cost of preparing a prospectus,
advertising, etc.) and estimated at approximately $450,
Respectfully submitted,
ROBERT D. MILNE & ASSOCIATES
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The above and foregoing is hereby accepted by the undersigned duly qualified
officers for and on behalf of the
this ;l ~ - day of
VILLAGE OF ELK RIVER, MINNESOTA
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